Market close: Resurgent Fisher & Paykel Healthcare shows sharemarket the way

The index increased 3.8 per cent this week and has risen nearly 2.8 per cent so far this month. Photo / NZME

A resurgent Fisher & Paykel Healthcare continued to power the New Zealand sharemarket, which completed one of its more positive weeks of the year with another solid gain.

After a strong day on Wall Street, the S&P/NZX 50 Index traded steadily, closing at 11,169.24 – up 57.07 points or 0.51 per cent. The index increased 3.8 per cent this week and has risen nearly 2.8 per cent so far this month.

There were 96 gainers and just 34 decliners on the main board, with 34.37 million shares worth $94.25 million changing hands.

Shane Solly, portfolio manager with Harbour Asset Management, said the local market had a better tone again.

"It helps when investors don't see interest rates marching up, and recent economic data meeting expectations. We may have seen the peak in inflation and this takes the pressure off accelerating rate hikes."

Solly said gentailers have had a good run, with brokers forecasting increases in wholesale electricity prices and upgrading the stocks.

Markets were stirred by indications of a Chinese economic stimulus – with provincial governments being allowed to issue bonds of up to US$220 billion for infrastructure spending.

Overnight, the Dow Jones Industrial Average was up 1.12 per cent to 31,384.55 points; S&P 500 increased 1.5 per cent to 3902.672; and Nasdaq Composite rose 2.28 per cent to 11,621.35.

At home, market leader Fisher & Paykel Healthcare gained another 21c to $21.44 on trade worth $9.12m. It was previously at that price level in late April.

Mainfreight collected 70c to $71; Fletcher Building improved 9c or 1.78 per cent to $5.15; Summerset Group Holdings gained 19c or 1.9 per cent to $10.20; and Ryman Healthcare was up 13c to $8.95.

Among the energy stocks, Mercury was up 7c to $5.94, and Meridian gained 5c to $4.75.

Property stocks were also strong. Property for Industry increased 5c or 1.98 per cent to $2.58; Investore was up 5c or 3.05 per cent to $1.69; Precinct Properties rose 4.5c or 3.35 per cent to $1.39; and Stride improved 3c to $1.75.

Delegat Group increased 19c or 1.8 per cent to $10.75; Restaurant Brands was up 10c to $11; Comvita gained 10c or 3.08 per cent to $3.35; and Synlait Milk collected 6c or 1.82 per cent to $3.35.

Napier Port, up 2c to $2.80, reported a 1.5 per cent increase in container volumes of 82,000 TEUs (20-foot equivalent units) in the third quarter, but volumes were down 9.8 per cent to 194,000 for the nine months ending June.

Bulk cargo decreased 2 per cent for the third quarter to 1 million tonnes and 6.3 per cent for the nine months to 2.7 million tonnes.

Port of Tauranga continued its rise, gaining 6c to $6.80, while South Port New Zealand based at Bluff was down 18c or 2.23 per cent to $7.90, and Marsden Maritime Holdings declined 10c to $5.64.

AFT Pharmaceuticals rose another 10c or 2.6 per cent to $3.95 following news it is selling medicinal products on the Chinese Tmall Global platform.

Transport technology company Eroad continued to recover, up 11c or 5.29 per cent to $2.19 but it is still well below its high of $6.70 set in late July last year.

Other gainers were Vulcan Steel, rising 30c or 3.47 per cent to $8.94; Rakon up 4c or 3.01 per cent to $1.37; and Allied Farmers collecting 3c or 4 per cent to 78c.

SkyCity Entertainment was down 17c or 6.18 per cent to $2.58 with 1.48m of its shares worth $3.93m changing hands. Solly said there had been some unusually high transactions in SkyCity going through the market lately.

NZME declined 4c or 3.23 per cent to $1.20; Tourism Holdings was down 4c to $2.55; Winton Land decreased 5c to $2.75; and Cannasouth shed 1.5c or 3.95 per cent to 36.5c.